Monday, July 4th, 2022

Global Application Security Market Eyewitness Massive Growth by 2026

The Global Application Security Market is valued at $9779.8 million by 2027, surging from $2994 million in 2019 at a noteworthy CAGR of 16.1%. 

Impact Analysis of COVID-19 on the Application Security Market

The enormous growth of the global application security market is mainly attributed to increasing growth in cloud computing, mobile device & software and vulnerability assessment in the application security platforms. Increasing deployment of cloud computing also increases the risk of threats over networking, and consequently in the demand for application security. Also, in 2018, according to the International Trade Administration, in US, for monitoring and managing software as services, more than 1000 or approx. 50% enterprises were using Cloud Access Security Broker (CASB) products. These types of benefits will urge users to adopt cloud based technologies and fuel the market for application security. 

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Global Application Security Market Analysis:

The high capital investment and lack of resources in the growing businesses may obstruct the growth of the global application security market.  Moreover, the complexities and higher cost of application security were also cited as key issues that may create a negative impact on the global application security market during the forecast period. 

The growing prominence on adoption of Artificial Intelligence and Machine Learning may create huge opportunities for the global application security market, in the future. Furthermore, the exponentially increased adoption of artificial intelligence and machine learning is majorly attributed its crucial advantages such as detection and remediation of malwares, feasibility to host the security testing tools, and detection of all possible security risk. Moreover, the companies involved in the global application security solutions are following effective strategies and launch of innovative products to grow in the market. For instance, in April 2020, Keysight Technologies, Inc., a notable player that helps enterprises and governments to accelerate innovation, has made an announcement to release Load Core 5G Core (5GC) network testing software. The software simulates complex real-world subscriber models to enable network equipment manufacturers and mobile operators to qualify performance of data and voice transferred over 5GC networks. Such technological advancements may further lead to lucrative market opportunities in the global application security market in the upcoming years.

Moreover, mobile application security sub-segment type will have a dominant market proportion and is predicted to grow at a CAGR of 15.6% by generating a revenue of $5,367.6 million by 2027. The web application security allows organizations to evaluate the web application, and internal, & external network security. Moreover, there are many market players that are following various strategies and product development in web application security. For instance, Neustar, Inc., American company launched UltraWAF, which is application for website security and protects data from web threats. All these factors will ultimately bolster the segment growth, during the analysis period.

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Services sub-segment for the application security industry shall have fastest growth and it is anticipated to generate a revenue of $4,115.7 million by 2027. Increasing breaching malicious activity across the world has forced companies to pay attention to the application security services vulnerability. Professional services includes any architects, consultants, engineers, financial advisers among others. They offer knowledge-based or customized services to clients. Moreover, managed services is the service in which the organization can improve the operational cost and can cut the expenses. All these factors may support the sub-segment growth in upcoming years.    

The Asia Pacific application security market shall have a dominating market share and is anticipated to reach up to $2242.5 million by the end of 2027, due to higher security breaches in web and application security. This will create investment opportunities in the region. India and Australia were considered the most lucrative markets for application security in the recent years, owing to the demand for application security across these countries.
 

Leading Key Players

  • IBM 
  • Cisco Systems 
  • Data Theorem 
  • Hewlett Packard Enterprise Development LP 
  • WhiteHat Security, Inc. 
  • NowSecure 
  • Acunetix 
  • LOOKOUT 
  • Zimperium
  • Kryptowire 

Porter’s Five Forces Analysis for Application Security Market:
•Bargaining Power of Suppliers: The companies involved in application security business are extensive in number. Thus, companies have so many options and alternatives to handle expensive supplies, and unpredictable demands in supplier pricing impact company profitability. So, there will be a lower threat from the supplier side. Thus, the bargaining power of the supplier is Moderate.

  • Bargaining Power of Buyer: Buyers have high bargaining power, primarily because of the huge number of application security services that are offered in low pricing. Therefore, the buyer can choose the service that best fits its preferences. Thus, the bargaining power of the buyer is HIGH.
  • Threat of New Entrants: The startups entering this market are providing advanced application security solutions to the customers. Moreover, the switching cost of buyers is not high. Thus, the threat of the new entrants is Moderate.
  • Threat of Substitutes: low-cost services and technological innovations by the companies that are starting in application security attracts the customers. However, companies that are already in application security offers huge discounts with regular free service. Therefore, the threat of substitute is Low.
  • Competitive Rivalry in the Market:The ventures operating in the global application security are opting for various businesses deployment strategies to stronghold position in the market. The key players of the market especially between the global players including IBM, Cisco Systems, Hewlett Packard Enterprise Development LPand many more companies. These companies are launching their value-added services in the international market and strengthening the footprint worldwide.

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